NOG - Earnings call transcript Q3 2019 | Northern Oil and Gas, Inc.

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Operator

Greetings, and welcome to the Northern Oil and Gas Third Quarter 2019 Conference Call. [Operator Instructions] And as a reminder, this conference is being recorded.

It's now my pleasure to introduce your host Brandon Elliott. Please go ahead, sir.

Brandon Elliott

Thanks, Kevin. everyone. morning, Good welcome Call. to Northern's Quarter Third We're you Earnings XXXX happy to

contemplated by Before to among me including Litigation risks expectations today, could our results, to obligation Harbor the of forward-looking XX-Q. statements. we subject materially described XX-K include include, we to get the forward-looking different to the within let the be These to these questions be earnings actual our meaning cause update in forward-looking these Those that risks forward-looking are on Form Form We statements answers well Private and others, have disclaim language. SEC, advised that cover from Act. our report filings and statements. with as the remarks Securities uncertainties including the that your results may our any matters annual on Reform Please release quarterly Safe our in our as reports statements

we call, GAAP measures non-GAAP EBITDA. the measures morning. closest the conference income issued financial to we Reconciliations be of this found adjusted that net adjusted may earnings can in and During this including these measures, certain release discuss

finally, call solicitation, before our today, Northern's exchange and to consent during open make right, of moving summary Akradi up will we'll is And the comments it Q&A Bahram Chairman, portion All our O'Grady for few on call. comment turning ongoing the a over call for remarks; the I Nick his going the forward. to strategy

room Engineering us our EVP Evans, and our we as have Allen, Dirlam, well. Accounting those with our in Chief Officer; Jim to mentioned, Adam Land; In the also I VP of addition of Chad

oil sequentially BOE year-over-year with per our barrels the estimate per a equivalent continued production X.XX of day. that equivalent, averaging This up Northern was million shut-ins and have day X,XXX during X,XXX quarter XX,XXX almost we production solid than forecast. our quarter. despite This equivalent and barrels initial oil XX% is approximately XX% per of production oil reduced day by to worse curtailment had barrels

outperformed been Offsetting months the curtailed slightly game have prior game acquisitions VEN closed the in we success as those have have the additions and net estimates offset some plan. over the initial both initial in slightly to ground and our that XX six initial our well acquisitions. Also, of acquisition ground come of outperforming forecast. production headwinds quarter has Bakken early the These has helped have been production third our ahead last acquisitions online the we our had from

perform Our and to oil volatility prices Natural hedging as the gas protect recent NGL us program continued to weak during markets. the help quarter. particularly designed were in and from

last XXXX on welcome mentioned the also constraints, this both and volumes move the we bring ability pricing quarter natural continue oil we the to expansions NGL for on we will and and but planned in late get think As into gas see year infrastructure better to side. relief affected by the

to X% Lease operating $X.XX expenses per up BOE. sequentially were

expect BOE be assets expectation. Bakken average. for costs was to increase we was due the previous and slightly per negative as this we had VEN a $X.XX have some the LOE do fixed curtailments corporate on our $X than Net-net of also Some effects reasonable expected to guidance there shut-ins. the a indicated higher of to still But our year

wells each six. on in tried as formation. In meet not the to this capital consent focus we highest hurdle expenditures quarter were middle and a meet wells consented optionality retain our we Forks wells hurdles, rate. the that opportunities. non-consented our to formation The not Again We well our XX Three investment did one and to non-consented Bakken proposals able during our result the this of mainly operator gross we quarter targeting about to instance, a did to future return

cash importantly development flow The returns, position on focused look returns remarks to the culmination capital on to our XXXX. in capital our Bahram should next returning expenditures cash flows moving and augment will be cover in organic forward. drilling begin and as capital increasing Our shareholders possible positive generating decisions have this we process his our in to the continues best step cash allocation focused proactive and to of generated Northern momentarily. to flow after we this

turn highlights let the over some financial call to of me Nick to guidance. our the Now and cover updated

Nicholas O’Grady

driven carrying to higher highlights Northern's icy poor financial sales. few production Bakken is quarter primarily to Thanks, This the return Brandon from LOE go yet EBITDA acquisition, gas very performance. of morning from quarter. and second offsets the costs a Minneapolis. VEN quarter prior mentioned, and prices, an quick have up production from have sequentially was this with wells million, for from Adjusted as XXX.X I over by that to a starting the our and realized good on curtailments summary the fixed

frustrating. The fog of has by driven war and the curtailment basin been

remains of sales processing in improvements NGL and However, turning a capacity takeaway that wells the long run. the same, improve online, the in lead to the significant game pricing should coming end huge to swath

associated quarter, higher over Bakken per with second in slightly X.X expenses at came VEN this million Cash $X.XX in than transaction main BOE the acquisition. the was the G&A driver quarter

the was is narrowing Coast $X.X differentials. significantly G&A items, onetime around of at actually of this lower guidance these in quarter-over-quarter. per barrel. quarter Oil Gulf differentials Excluding midpoint our spite This are around

with per While combined drove at LOE shut-ins to XXX VEN Bakken sequentially higher a LOE barrel. up

wells quarters sales. newer to as and moderate this We in to turn field coming issues normalize expect

no to guidance. expect We changes

approximately out ground spend our of XX.X to to development game quarter, The we sales, associated of which start associated allocated and production wells to X.X this XX.X XX.X XXXX organic continue should or million D&C cash capital, with ground a in close this of was see net money total made some levels we to in total early discretionary volume XX we and X.X game year. for organic ground But game on million respect acquisitions, and turned into With capital. Our and acquisitions. XXXX. were investments approximately up we million game significant flows impact ground impact some XX million as the have

fourth of we're the to guidance levels Now, of same leaving intact trajectory production subject based guidance, activity, on quarter our XXXX weather the current the remains into to going winter course. and

LOE curtailments For despite X our LOE keeping X.XX quarter. guidance, into third to the it remains the elevated

we expect improvements now fourth the quarter. in of As modest

closely be We the more are spread future code. depending as the tax on in XX% sales us crude actual the our on which should too to prices. old allow accurate guidance move the to around Dakota gas and and oil changing Mcfe, per net more approximates North percentages tax between $X.XXX much This

maintained has should to recently process announced consent and capitalized, happen. a be cannot a but range if BOE. call guidance tender G&A them end some $X.XX high per with make of We may to Cash sure been that a we'll with costs it incur out

off in remain until progress, hedging we oil On the roll realizations as in large takeaways in the make complete the to differentials quarter weaker curtailments differentials, On continued to we've expect XXXX. particularly XXXX. production than begin gas front, to normal wider quarter may and of the first NGL be fourth

a to do spend. think earlier still have and of on We few remain XXXX. net the we given track online XX towards front, could capital however, than we additions the the to guiding net seen We come we're be high organic XX organic well On well end expected. for additions

year of million The our acquisition of largely is ground to wells ground to $XX spending same game a in our to sale organic development. see we the the XXXX operators has as to turning reason the are maximum here active, CapEx to game faster with D&C mentioned November and believe trimming surprised but widening remained in the We're top We've for cases complete. end just spend. for be continued spending D&C many the we accelerating I respect

With cash, acquisitions this on are wedge. I what important capital is with high want scrambling this. our basis. few many make free The cash The to are clear; And one we are we generating cash most cash flow those now shape it? within or in form, driven complete, an question we with and thing we building investors with focus have made With cash focused our will organic on purposeful doing on towards process in a cut free way, investing quarters. return can participants wells capital projects, process any almost counter-cyclically we consent in generate to are harvesting of still that

XXXX. in down Given to adjusted allocation to versus four and to XXX% returns and debt to return us – paying a is that time easy a shareholders, capital we meaningfully there's been were half X% between that time until such in an decision bank X% the coming for choice position capital XX% risk

slow Given is of XXXX focus to to game this the a our in and success for will wells success harvest beyond. and time robust our and and mainly and shareholder ground activity, had debt projects returns. both terms of all on levels process be to retirement particularly year we've for XXXX likely

it turn over Bahram. to me let and Thanks

Bahram Akradi

start this and next also holders which and with recapitalization to larger Last consent company's necessary is two for cash this time, to has EBITDA. growing including debt our Nick. our has been agreement take we step, Thanks the dividends an reducing the paying years, been but flow NOG process, reserves. overall bond to on shareholders. At get RBL free have focused both to same NOG allowed to grow significantly reach This to our RBL, the

be years environment. to reduce fixed cost to NOG expensive the in oil debt, as to and $XX Our price next several a preparing strong even plan reduce continue more is our

XX we low environment. couple our deal will months. next for are in step the The every And weeks over the in take a improve price readiness we close planning to oil next

location free us what to to we flow. how we third our preparing like We're for internally We will doctoring, continue see one move for the that capital call in just cash direction.

of third to third cash dividends reduce debt, of other Our are approximately up plan months to flow third And acquisitions. two, of for to our free use free allocate the and projected we accretive this plan take XX advantage next would over plan three, one one, flow, one further buybacks. our cash share the

Additionally, the want Angela participated last rest to XX Wells thank all advisors, team, also rest days. our and bondholders. of these NOG This which other rate to want expense reduce to more thank and is to creative debt an executive debts that to all reduce our interest will allow opportunity My of sustainable we board the the accomplish we a goal committed taken have will our and NOG's gotten to in our banks RBL. of I It's growing to dividend. the to work Fargo, RBC ways our find RBL. over people our to of have what I members, pay closer the presents Gordon and done itself. if of

our to earnings deal we On first see our and this. the permitted dividend. discussions been if also initiate April. expect to terms our start able first economic proud happy, cash to grateful we've calls, all accomplish quarter is we were who start to could I My to to announce last possible. all the these for patient payable methodically with I'm a thank very we a excited conference put of in to regular to until that shareholders this future have thoughtfully, dividend and and near goal best want ready been where I'm the in do win-win together. I

With back to Brandon. turn that, will it I

Brandon Elliott

the could I questions the you Bahram. with call for of now. give call. portion We'll the Thanks turn operator will take Q&A. And Kevin, if those over the please for the that, instructions the Q&A

Operator

we'll Securities. a One Capital first Our Instructions] conducting from is question Absolutely, [Operator Johnston Phillips be session. coming question-and-answer from now today

now line live. Your is

Phillips Johnston

Hey guys, thanks.

maintenance and First question is on of rates. decline topic CapEx PDP just the

obviously the or moderate you think XX Plus, I around rate Flywheel as on XXXX. so March worked new some that the was decline ground as somewhere in expected well assets game assets. you've PDP in XX% for it estimated call was to

estimate would at on fourth to PDP much many just flat get the updated your same and required annual going just rate day. how the quarter topic, XX,XXX CapEx year wells a be rate So about keep production year, sort how per roughly decline to of an also wanted of and net of next D&C into

Nicholas O’Grady

that's in towards moderate the capital Phillips the see in process in rate, that XXs. then probably quarters allocating And Nick, been would just expect obviously to keep this mid because few growth will wells it is amount we've given of still our you'd these and next I probably we out. decline

to the answer see sustaining a in on timing, obviously, I bit think next on little from our the you we growth is tricky which around of the is how much year first where half fourth that it portion quarter, depends exit.

annual look fourth So as we I think internally, – would a I we million. certainly on an could at that that scenario as say, just would you with certainly it – quarter we and you would can could that give I make tell match $XXX little basis,

If how $XXX million, some is think to I in you want also with to towards goalpost depending and add probably that where that want million exit allocate or that about into and you like to in much I'd growth rates. what's about go you do late our between XXXX. hurdle growth, But something meet wanted that projects important XXXX those the $XXX if trajectory on capital XXXX

lot And And with low a day, head we – XXXX will that is next as growth hundreds. year a so can said push the $XXX into to capital, XX,XXX I million. answer wanted barrels I to little like of drive three the through think XX,XXX, it do towards would would probably produce if be we as

Phillips Johnston

color. acquisition spending the that's of kind to or Obviously, what early, next I this shake you year. year? directionally XX out good do will least ground And likelihood guess but at of so the it's Okay, you. the million XXX Thank mentioned game million you related versus activity think moderating

Nicholas O’Grady

Yeah.

those think capital we've to I organic all that's on this no almost all million that's organic that that allocated mean, I ground low I up game. $XXX on spool the that's So seen, that with kind think end, of goalpost year you already the probably towards – remember what little projects. of Obviously, include been use the and around the to will spend if and going all

So this there to earn we I capital. watch we're yet will to think make how want you we additional XXXX spend money to a that. that terms to rate, we're much drive much and not do right, the mean, in adequate want do sure target for on return how growth returns think question capital be either want we employed. in we to really I of both quite mean, I and going any I strip don't target growth

bucket, to of million whether And that team But here be for say ground I so and XXX costs sort call I'm those that $XX hurdle of with game base say and all and towards million between $XX XXX one organic discussed. I projects meet I spend, acquisition And down D&C which and it then million rates. well XXX all million something comes Adam this XXX, would seeing including would spend it total when our associated all mean really would to our Jim to plan let's is and all what it that.

Phillips Johnston

sense. makes Nick. Thanks Okay,

Nicholas O’Grady

Thanks.

Operator

you. Thank

Our Whitfield next question Derrick from coming today Stifel. from is

is now line live. Your

Derrick Whitfield

Thanks.

Brandon Elliott

Derrick. Good morning

Derrick Whitfield

speak morning for or these you Good QX we XXXX alleviated? how as curtailment could production all. Perhaps to your x Thanks. degree rate and curtailments about the rate or should guidance Brandon Nick, assumed are your think in of early

Nicholas O’Grady

engineer that day, not to of always been pretty lying. that new to to shut-ins tending and sales, robust. quarter And so fourth looking fracks, we mean, barrels X,XXX going got our given you're overwhelm a at about We offset model curtailments point obviously, QX, that in XXXX bores be sure the things always we've happens, a which what's like we really similarly make well lot But forecast in getting in have say quarter, are see. any turning to barrels to a this. I'm day right? the about wells I'd I some any will the I'm we

and the should acute a see. But by tipping kind units activity point of of a bit. little of amount were there I getting take third particularly surprise working quarter, where pretty think any interest that were a higher towards coming the overwhelm acute Derek, we in online us we're did shut-ins the handful that

Derrick Whitfield

Sure.

that to follow at sense to ground Here is looks opportunity of how acquisitions speak up you, in for my us return as average your just you QX a set in Nick, could plot the and game rate present? give

Nicholas O’Grady

here the let that. Adam answer expert I'll true

Adam Dirlam

mean, XX% Yeah, XXXX. of kind to sets XX% at. to since we're late looking continue anywhere persist from the And what is opportunities I

certain necessarily busy slow and this seen in down. been we've it picking areas towards year, operators that we so it that like, we And the like, the off haven't opportunities allocating frankly,

certainly into of ears XXXX accomplish order kind about to to able gas and for we're regard, been said, our in XXXX. that at in opportunities. in ground Like So probably excited going the keep we'll spool kind XXXX we've to what of up continue we the off lay but

Derrick Whitfield

for thanks responses. Helpful, your

Operator

you. Thank

question Neal next coming Our is Dingmann SunTrust. from from

Your line is now live.

Neal Dingmann

all. you my and about or a you for wedge when PDP. talk little the Nick, you about Nick of the you morning product cash mentioned Good Brandon, talking can bit question kind question

positioned, having So I color wedge kind as you that starting look benefits that it, I'm on XXXX, that of what going to wondering us at you the more look even as essentially cash when give be? PDP benefits little into a you're next that's could and year, of or wedge

Brandon Elliott

like, will and Yeah, Nick add. let so let I start me then mean,

I possible this think the having us with the our goal. kind you've we've was on come through heard end wedge stuff as getting biggest dealt year, into the was of second the cash year focus exiting lien this this the to big of and as talk so rifi and the year, and

his robust opportunities and in you've seen down that that. the I his we was that was Adam is returns – remain of like the And really bank the enough the heard mention as or mentioned you like use capital. that felt our think So do remarks, spend Nick we line in felt pay best that that it and

reduce in to we're return think shareholders. for the finalize off when it the to are, of benefits process, capital middle I does handcuffs able it'll – those And we take this being really

as get it be even of little into be able between to make a wedge, debt reduction, as into could three will additional flow mentioned and we'll that acquisitions more align And more we flow mentioned that – be legged in stool think, down Adam so I a shareholders, large more bit that allocation those wedge returning as then the bit as Nick PDP XXXX. kind we and capital weighted and cash XXXX. And legs little really more will cash throttle we'll come as

Nicholas O’Grady

get or maybe just Derrick that remember is I the about Yeah, – was, I asked think of was and this that Neal can't that that it think I rate, decline Phillips which speaking danger And who is get chased that the those of going sustain growth, volume lot were going what cash into you in if growing you're that if of about and you're the them you're out making that never spent, doing is was importantly, the capital not growing within matters we generating volumes volumes we but really can for cash to volumes, come. to a we've of goal to whole it doing is and really But think really just things just not you're ever that's sake money, way an grow keep there. fashion, we here. the and it to this

these which in they we huge cash have windfall. can get a And opportunities so come like will

they're And on we is cash is can we of either. for the themselves certainly much overtime given that on that it sweep anyone E&Ps we cliff return earn down. spread will phone for main a point what though And we didn't capital and do to – – capital productions enough is trying knows time, smart in fall goal to redeploy if also any want that one I discipline and But too which risk. year. call think capital that time, are so opportunities can't flow. either have those Obviously, our point this doing, in working production you our present to the assets a on cost appropriate any to show at think today know that off of helpful some not who's that capital to we're that it's to the I at this

online is fourth people the going quarter that that's and is to capital XXXX. in the early being of may that's always largely understand for the come XXXX spent not what in quarter production So third

company see opposite had capital, obligations we're and really effect CapEx, little production people will their and which year. future levels. it's to and in in and my that the that say, to approach, production the as line you so get will their short effect taken very beat on wedge. few But those decline I already that trying an that that And in eventually rates within look, is easy E&P taking are we'll we have very shed a on We've for was benefit cash it from months. And this

Neal Dingmann

there, the was that up maybe And Brandon details economics Was still able saw I'm on of there? that about Forks, want didn't mention that numbers kind what just what by the you the Bakken? it something Or – all were could that follow there make then you were the just ran there. just to else just stack something, purely and Three your you Great sure comment clear curious I'm you there non-consent non-consent you on I one just was keep up? Maybe going on to when talking there?

Brandon Elliott

Yeah, pick get was well the now on and – consent – like mentioned let by we Adam choose Yeah, hopefully I can question. so as well the by know non-consent know decision, I'll well to or guess by think what gross that. people I'll first, you first a I we and comments I in well answer

thought wells that's our rate saw unit, didn't and our included in kind we be other, one other. we was there. think we of we So – choose. And or that meet and comments Bakken on the that the why maybe what I'll hurdle so to we're Adam think in the let I ability think middle we Yeah, chose comment going to we

Adam Dirlam

it's particular particular mentioned much it's as and return [ph] this in his have of taking decision And us, when a team Jim for for the just particular at in the especially mean, great they're a middle area, I Forks, in generating the as look you optionality. so before. Yeah, situation us it's right. pretty we've are and the and Three it this subpar in rates operator operator, returns and easy this Bakken

So a it door, operator the right was a operator next been different situation, in particular might it have consent situation. this who was

Neal Dingmann

guys. Thanks,

Adam Dirlam

Thanks Neal.

Operator

you. Thank

Our today coming Macintosh is Rice. Johnson next from question Dun from

live. Your now line is

Dun Macintosh

the some the capacity on their I flaring up issues for the your tied Good curtailments morning. was maximum believe year. some coming of with of partners

move out year we you of production thinking As or can think this Do at next the how year of come into and and that you kind beginning to are expect you of the – on – year? that about that?

Brandon Elliott

We're going to that let on Jim speak up one.

Jim Evans

it's Jim. Yeah,

seen towards early at new So they of from in see as those plants quarter have the plans gotten as some so into so end the see of March what wells the year depending we've relief flare restrictions latest start we the is in off. and those towards end the some the February the and online, of the on coming and or see some of they in when start that the reaching of those go quarter shutting either coming of – curtailments they've gas them reset the limits their kind operators to are we'll the some of of first ease end we'll start they to year their limits,

Dun Macintosh

great. asked. All That's me. my questions for Okay, it were other

Brandon Elliott

Dun. Thanks

Operator

you. Thank

from Our next from Capital. question Imperial is Jason coming Wangler

alive. is Your line

Jason Wangler

you to start year. CapEx kind the at you seeing next morning. budget look are up just as curious it bit, you of guys mentioned how on kind of a Good set Nick,

whole proposal pretty all when in kind that of of you how what how about I schedule have conversations do like. you of you this think rest handle that of the looking – the in down kind you the of year as next a for you're look you year together? this things, good slowing folks But and kind think taking with mentioned see plan early looks

Nicholas O’Grady

and an like said as the say so We've that their an think I obligations things up seen trying were I frankly election seen been in of forward. flat actually and being for a But wells in know can seen activity mean, is here share slowdown things in some our year, we've that not Overall, receiving overall. press seen likely certainly definitely middle up it has we that that Yeah, a way have I to December haven't and budget. activity manage are the their remember we actually operators we frankly, to – in would we've brought acceleration, just XXXX. bring lots there all activity nerves to November AFE of and the being are AFEs that non-operated

be And you, seen with haven't all. so, really we to honest that at

Brandon Elliott

think quarter. we I end end the press stable the seeing so was Jason, to got at and the think the after – and of I'm the Remember, that think looking we I seen up D&C at wells that release, of pretty list put the – election quarter in the XX, Adam, activity we're I we've so far

Adam Dirlam

XX QX. October. wells up to alone. We XX it in I mean, to in Yeah, consented consented in we certainly October picked

that's the was So W made of like a the Energy. from we acquisitions coming some year that lot of last

properties. we're on development encouraging So pretty those seeing some

Nicholas O’Grady

from for down that we well bode should no it slow and least So inbound at can again, XXXX. see AFEs

Jim Evans

operator remember XX% to budget one XX% right. budget their XX% And can they cut necessarily non-op, by shedding non-op is they're so and drilling other but they're their Jason, not typical campaign a operators, thing, of own their active slowing just down

Jason Wangler

been toward the appreciate you guys have talked go that for as focus, you a initiating Sure. be to plan kind but the go also that's also – fit how kind see talk obviously, up in? allocation about which great a opportunistic the kind third mean, the repurchase. free has of that I you can and of part forward of to and that cash guys there, set about you a you how the to of No, as share the flow color. And as far dividend, as kind dividend this point. plan I of

Bahram Akradi

Bahram. Yeah, this is

in here. jump me Let

our one guys the number their cash grow to lack here as truly focused stay cash believe growth entity to years, which couple focus, the number of last or we have these be serve flow. been measured goal we is is one the measured kind should want and by express, trying Our free an flow as to means way first, done entity free is of the And I have that thereof.

So we're flow interest flow, going expensive our I When significantly debts. need from here, showed in free reduce in per the most to grow up cash operations. our focus on activities barrel to spending of more we just all to We charges. our we're cash

and to We be until I commercial I coupon we that. debt. completely accomplishments from that RBL can and banks not what will my get have have of like with rates have this entirely interest dramatically our company enjoy reduced we have group. that satisfied the X.X% match retired

So, focus amounts number chunk transactions is a significant X.X% to of the we coupon that generate take flow, flow, big ahead make bonds. free reduce think as to one cash cash and of

that Beyond dividend commitment program. we by XXXX have that made a would we launch a

the we we we go a going through take close program. would the to five chance XXXX through announce start start will X, transaction, X, launch go the at. And think to I dividend that want dividend to and within just mathematics where we the next For weeks, and that we can X weeks are

cash that to flow PDP have they're acquisitions cash of left continue free finally, and this to its take opportunistic, grow quarter free to advantage first April. payable the we help flow. accretive therefore its And enough For then incredibly want capital in will company to

going substantially barrel, we of here continue that that as to Nick the our as out sure G&A increase we're reduced per to we don't pointed grow to have we the production barrels. Brandon company or work make and So the on G&A

And at on so oil goal that going viable. at much of We our having to of a lots is of we oil. we course, XX. to But in environment. be XX, XX. bank thrive We're be going make tougher all we're will to completely set this XX, not to up, can So company there's money a whether viable $XX bank on

make dividends, most gives go flow, best and you cash need. the want into we third one the third of sort of flow that going share that some our free decisions hopefully going additional acquisitions. a Hopefully, answer one So into basically tough this That of best rough entity. you to for and one you with expensive the is our interest the the debt our cash third buybacks direction gives thumbnail of – reducing and latitude that to

Jason Wangler

the for you Thank does. It color.

Operator

[Operator Markets. Our Capital you. Grampp coming Jeff from Northland from question Thank next Instructions] is

Your live. line now is

Jeff Grampp

curious thinking morning maybe was a little of I here guys step mix you in geographic Is about I board talk Or trended on within of just and year down sense well did see XXXX? cost a or reductions of basin? end into cost we more for took your kind guys. should you that across XQ, that? I was Good concentration noticed that kind how for hoping the operator be just the and could guys

Adam Dirlam

methodology. mix this and completion Jeff Adam. operator a Yeah. is between It's

kind depending on of bounced of as going you're probably that kind In we that the So a That being got time, mix again, average. X.X AFCs it's I October see of to X. kind I seeing of of between think and fluctuate given kind think we're our saw any at bit. said, X.X little

Jeff Grampp

follow up. gas processing. that catches Do basin anticipate here change guys my mix, and helpful how mix kind as gas a at to guys kind sales guys feel the constrained kind is and oil kind the up ratably? oil I in of regards that of do you of with oil you being if meaningful see all, or both you your trending of curious great was Okay,

Nicholas O’Grady

I little basis and is trend gone. theoretically in add bit in a constrained its Jeff the here bit Yeah, was foot a our and of points is Dakota sort though production by little went and restrictions our about mix alone should work downs this. the North Nick, curtailments of I on the where XXX through flaring gas that the even to would did relative to like probably feel gas, it general oil we step been

I small should in next relatively as certainly think we it how will of systems we see down another forecast do, internally end go year. Flaring and engineering the stay the but That's forward. it stable we step at

online, come a systems to And see bit more so as we sales. little turned gas that possible these it's

call may constraints. back that, that by we which repeat a that I producing are the it this of on wells we the are percentage Now, last well being oil is that I and say on but – held said candidly, lot I'll have

maybe, but they still to some constrained So they're producing, degree. be

a don't saying think think constraints I these change again, I level. the to it'll it way itself. at But to ease be that long going manifests do of winded corporate for So us see it's interesting materially as how

Jeff Grampp

Thanks. appreciate I detail. the you, Got

Operator

you. Thank We've our like to or I'd reached floor the question-and-answer management any further closing comments. session. over end of to turn back for the

Brandon Elliott

Northern in your in the the country take busy are those several Gas. various have schedule we Oil attending for around and your interest the Please and conferences release. of included in note a next Alright, thanks press call And Kevin. everyone, that details some and months, our participation thanks

we our on some Kevin, give again you quarter. everybody. you look next can forward on the travels you Thanks, So plan information. talking of replay and with to seeing

Operator

you XXX-XXX-XXXX participation. to does ID number that To conclude enter please Certainly, today's XXX-XXX-XXXX We for and XXXXXXXX. teleconference. or replay access your access thank dial

Northern Oil and Gas (NOG) 12 Nov 192019 Q3 Earnings call transcript